While going over the budget and doing some figuring, I've come to the realization that while I could quit my job and we could get by each month, things would be tight.
However, by my working we would be more comfortable financially, allowing us to add a substantial amount to savings and increase our debt-repayment.
According to my plan, if I work two and a half more years we could save build our savings to nearly $15,000 (barring no serious emergency) and have all our debts paid off except for the house and three doctor bills from my surgery.
Included in the plan is selling Alfred's motorcycle for what we owe, which will enable us to drop the insurance on it.
We will also sell his large rolling tool box cabinet. That money will go to tile the living room. Our current hardwood floor is warped from a water leak we had.
Combined total income: $5,721.68 (figuring low)
All bills: $2,822.81
Tricare ins. $204.29
Groceries: $800 ($200/wk for 7 people, includes pet foods and toiletries)
Work money: $160 (Alfred and I both get $20/week)
Cigarettes: $324 (yeah, I know...)
Gas: $160 (for my car only, Alfred has a work truck)
Debt Booster: $478
Leftover Funds: $294.58 for family outings, home improvements, clothing, etc.
Of course, I will be doing all I can to reduce outgo. I am planning a family meeting this week to share/remind everyone ways they can help to reduce outgo as we are about to start a new month. Everyone needs to be on board.
Time to tighten our belts and get to it!